CO129-509-7 Proposed amendments to Hong Kong and Shanghai Banking Corporation 15-2-1928 - 25-9-1928 — Page 41

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$.521/27

41

BOARD OF TRADE,

Great George Street,

Westminster, London, S.W.1.

15th February, 1928.

Sir,

I am directed by the Board of Trade to acknowledge

receipt of Sir Richard Hopkins' letter, F.10158, of the

23rd January, with reference to the proposals put forward

by the Hong Kong and Shanghai Banking Corporation for

the amendment of the Ordinances of the Bank. The Board

desire to submit the following observations on the letter

of the Chief Manager of the Bank to theColonial Treasurer,

copy of which was enclosed with Sir Richard Hopkins' letter:

The Board are of opinion that the words "and minting

of" in the 15th line of the first subsection of

1.

Regulation 3 should be omitted in view of the declaration

that the purpose of the Bank is, in the future as in the

past, to purchase silver bullion and pass that bullion to

one of His Majesty's Mints for conversion into coin, an

operation which appears to be adequately covered by the

wording "the Bank buying, selling and dealing in bullion,

specie and coins".

$

2. The explanation given by the Chief Manager of the

purpose to which it is proposed to apply the powers specified

in the draft subsection (4) of Regulation 3 does not, in the

opinion of the Board, establish the necessity for retaining

this subsection. It would appear, for example, that

subsection (6) contains a sufficient authority for taking

charge of any enterprise to which the Bank has made

The Secretary,

Treasury.

advances